Britain’s Net Zero programme could cost the average household more than £1,400 a year by the end of the decade and cause “serious economic damage”, according to new research.
The Prosperity Institute estimates that plans to decarbonise the electricity grid could cost £40 billion by 2030.
Subsidies for wind, solar and nuclear power are expected to rise from £11.8 billion to almost £15 billion, while upgrading the electricity grid to accommodate more renewable energy could cost another £25 billion.
The projection does not include other green projects, including carbon capture and storage and green hydrogen - meaning that the true cost could be much higher.
The Prosperity Institute warned that the Labour government’s current spending trajectory was “unsustainable” and urged Prime Minister Andy Burnham to prioritise affordability and security of supply.
It proposed renegotiating contracts with renewable energy companies and removing existing subsidies.
Reform UK would put an immediate end to this wasteful spending. A Reform government would prioritise energy security, expand domestic energy production and abolish policies that increase bills and leave Britain more dependent on imported energy.
Reform UK leader Nigel Farage recently said that a Reform government would scrap green levies and Renewables Obligation Certificates - a subsidy scheme under which electricity suppliers fund renewable generators, with the cost ultimately passed on to consumers. This would reduce household bills by £200 - compared with the measly £45 saving offered by Burnham removing VAT from electricity.
Farage has also demanded that Britain make the most of the oil and gas beneath our feet and off our shores. Producing this energy domestically would protect British jobs, generate tax revenue and help bring down prices.
Reform UK has pledged to prevent new solar farms from being built on agricultural land, with Reform UK Shadow Chancellor Robert Jenrick declaring: “Solar is for roofs, not for farmland.”
Reform UK is the only party willing to scrap Net Zero madness and slash the green charges imposed on household bills. British families should not be forced to bankroll an energy policy that makes the country poorer, less competitive and less secure.
The Prosperity Institute estimates that plans to decarbonise the electricity grid could cost £40 billion by 2030.
Subsidies for wind, solar and nuclear power are expected to rise from £11.8 billion to almost £15 billion, while upgrading the electricity grid to accommodate more renewable energy could cost another £25 billion.
The projection does not include other green projects, including carbon capture and storage and green hydrogen - meaning that the true cost could be much higher.
The Prosperity Institute warned that the Labour government’s current spending trajectory was “unsustainable” and urged Prime Minister Andy Burnham to prioritise affordability and security of supply.
It proposed renegotiating contracts with renewable energy companies and removing existing subsidies.
Reform UK would put an immediate end to this wasteful spending. A Reform government would prioritise energy security, expand domestic energy production and abolish policies that increase bills and leave Britain more dependent on imported energy.
Reform UK leader Nigel Farage recently said that a Reform government would scrap green levies and Renewables Obligation Certificates - a subsidy scheme under which electricity suppliers fund renewable generators, with the cost ultimately passed on to consumers. This would reduce household bills by £200 - compared with the measly £45 saving offered by Burnham removing VAT from electricity.
Farage has also demanded that Britain make the most of the oil and gas beneath our feet and off our shores. Producing this energy domestically would protect British jobs, generate tax revenue and help bring down prices.
Reform UK has pledged to prevent new solar farms from being built on agricultural land, with Reform UK Shadow Chancellor Robert Jenrick declaring: “Solar is for roofs, not for farmland.”
Reform UK is the only party willing to scrap Net Zero madness and slash the green charges imposed on household bills. British families should not be forced to bankroll an energy policy that makes the country poorer, less competitive and less secure.
Photo by: John Cameron.
